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Cisco Rises After Goldman Says Buy on Return to Office Opportunity

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By Dhirendra Tripathi

Investing.com – Cisco (NASDAQ:CSCO) shares rose 2% Thursday after Goldman Sachs upgraded them to buy, citing the increased networking opportunities as people return to offices.

Goldman set a 12-month price target of $59, a 16% upside from the current price.

The brokerage credited "opportunity for fundamental upside" that the return to offices provides. It previously rated the stock a neutral.

“Cisco’s own order rate also suggests recovery with total orders up 1% Y/Y after having declined for 5 straight quarters. Commercial order improvement is a highlight within this for us as commercial orders have historically led recovery in wider enterprise spending for Cisco. These Commercial orders were up by 1% Y/Y as well with US commercial orders up 6%,” Goldman Sachs (NYSE:GS) analyst Rod Hall said in his report.

Before Goldman, both Piper Sandler (NYSE:PIPR) and JP Morgan raised their targets for Cisco this month.

Piper’s James Fish raised the price target by a dollar to $48 while keeping his neutral rating on the stock.

JPMorgan’s Samik Chatterjee upgraded Cisco to overweight from neutral, with a price target of $55.

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